News and conversation about Sonoma County real estate

8 Median Priced, $561K, Homes Currently For Sale in Santa Rosa

The current median price for homes in Sonoma County is $561,200. Earlier this year, whenever I searched for median priced homes, they were either fixer-uppers or condominiums. Now, I was pleasantly surprised to see that this current batch of homes is mostly turnkey.

Narrowing my parameters to 500 – 561,000, the number of homes available was small, but they all appear well maintained and, in some cases, extensively updated. While the prices don’t appear to be dropping soon, it’s a refreshing change to see that this batch of median priced homes don’t need an extra 100k in improvements.

The listing for this 1970’s home talks about the extensive remodeling that’s happened inside. From the exterior, it appears like most tract homes, so I’m expecting big things…

Kitchen. (Photo courtesy of Coldwell Banker)

True granite countertops and new wood flooring is a great start, but what immediately caught my eye was the flush-mount refrigerator. This is not an inexpensive upgrade, and considerably improves the amount of the usable space in the kitchen.

This house looks cute and tiny, but with other 1,600 square feet of interior space is anything but that. Built in 1953, it still retains that 50’s charm on the exterior.

Living room. (Photo courtesy of W Real Estate)

However, the interior looks nothing like a 1950’s home. The recessed lighting and open floor plan are all modern touches. It turns out that the bathrooms and kitchen are updated as well, making this home another turnkey opportunity.

This 2 story house is one of the newer ones on the market. Built in 1990, it’s just shy of 30 years old, and doesn’t appear to be showing it’s age.

Living room. (Photo courtesy of Better Homes Realty)

Though structurally sound and spacious, it appears that some elbow grease will be needed to clear and clean the fireplace, repaint the interior, as well as update the kitchen (which still has the original tile work).

While needing a bit more updating than most of the others we’ve seen so far, a homebuyer who values privacy and a bit more seclusion would find it here.

Yard. (Photo courtesy of RE/MAX Pros)

There’s plenty of yard space for gardening, if a homebuyer wanted to grow their own vegetables, and there are already two well-built sheds out back. In term of interior renovations, I would suggest a very thorough walkthrough and inspection.

Finding a home with solar already installed is a big deal; especially of you know what the initial installation cost can be. Because there’s room to house an extended family, the solar panels are a keeper.

Backyard. (Photo courtesy of RE/MAX Gold)

Being that we’re still in a drought, I’m disinclined to make any disparaging remarks about the backyard except to say that if someone doesn’t mind starting with a clean slate, there’s a lot of possibilities here.

Honest question, to those of you who make 60k a year or less, to those of you on a career path that doesn’t come close to 80k at the end, why do you stay? I know the typical answer is “family” but when only one cousin out of 10 owns a home, why are you staying? I am doing ok, but I don’t like that my hard work translates to what most of the country would consider to be on par with someone who just shows up. So when do we all get up and move to Lake County? I just don’t want to be the first non-tweaker or non-retiree to move out there.

Dave

Trust me when I tell you many are already there. Can buy a great home in HVL for a much lower price, you just have to deal with the commute.

Mikel

Don’t worry. I’ll be heading over there as well, as I can see that I have been priced out of this county. Is okay though, I can see how Sonoma County lost its sense of community and has become a less glorified Marin County. Lake County, get ready for a new wave of non-tweakers heading over there!

JoeCommentor

what does the crime data for these neighborhoods look like?

Dave

Median income in Sonoma County is $76k, or $6300 a month. Median home price is $561k. Here is the math folks:
20% down is $112k
Loan amount $448k
$448k loan at 3.875%
Mortgage: $2107
Taxes: $584
Insurance: $80 per month
Total $2771
Housing debt ratio, 43.9% of income. In short, better not have any further debt (credit cards or loans) or better have a second income.
If you have a $10k a month income, can go to about $4400 a month in expenses, so about $1600 more a month in consumer debt. At todays car prices that is 1 car loan at $500 a month and now credit cards.
So anyone see that math challenges here?

Johnnie Agincourt

Thing is, you don’t have to buy the median if your finances can’t support it. Buy what fits for now, and if your financials improve, move on up. In the end it’s far cheaper than renting if you plan on staying put,

Bear in mind the tax effects will reduce that total payment by about $6-700 as you itemize so cost is probably closer to about $2150, which is probably as cheap, if not cheaper than renting…

Dave

I agree with you, but here is the issue: lenders qualify on total payment, not adjusted. So numbers are numbers. And the second piece is there is so little below the median and the numbers who earn below the median far outnumber those above. Fact is the numbers don’t add up.

Johnnie Agincourt

True on the mortgage payment – that’s more of an argument to buy if you can, and not everyone will be able too – but I don’t agree there are less below the median than above. I did a cursory look at greathomes and there are plenty of fish out there. May not be the dream house, heck, my first one certainly wasn’t, but it’s a start and something to meet most people’s needs can be found…

Dave

Right, but also factor in I used 20 percent down. Many don’t bring that to table, so bump unpaymentioned and add in mortgage insurance. Also keep in mind when renting landlords don’t look at debt to income numbers for most part.

Johnnie Agincourt

Well, under 20% does come with PMI but still worthwhile overall – that means more mortgage and, say $300 a month, but still in the rent ballpark.

I differ on debt to income for landlords – I do, and everyone I know does, and that is part of the credit report that’s pretty standard. I won’t rent to someone where I see they will be in financial trouble.

Besides, part of the getting ready to buy, is making sure you’re financially fit. You can’t have that huge new truck and payment and have run up your credit cards if you’re serious. Many aren’t, so they probably are among those who will never buy and will get stuck in a circle of debt…

Curt C

These are high. My friend just sold her 3 bedroom 2 bath house in Rohnert Park for $469,000. And THAT was $24,000 more than the asking price. Don’t let these elitist writers discourage you. A lesser price home can be had here.

Johnnie Agincourt

For once I totally agree with you. There are many out there and mortgage rates make them affordable to many more than you think. It’s a peculiarly American thing to want to buy your dream house immediately too – most other countries settle for what they can as they move through their careers and life needs. Here, we’ve all got to have everything, now…